Southampton student housing block acquired by Sunway
Green Wood Court in Southampton, a 233-bed student block, has been purchased by Singapore-based Sunway RE Capital in a deal overseen by law firm Shakespeare Martineau.
The value of the deal is as of yet undisclosed but follows on from acquisitions of similar student properties made by Sunway in: Sheffield (2019), Bristol (2019), and Manchester (2020).
Purchasing Green Wood Court brings Sunway’s UK assets portfolio to £75 million, housing 800 student beds in total across the country.
Sunway RE Capital chief executive officer Dr. Tan Kok Heng said: “This is a great acquisition for us given the size and scale of the property and its potential. The support from Shakespeare Martineau made this a very smooth transaction for us.
“Building on this momentum and the strength of Sunway’s track record and competencies, we aim to accelerate our efforts to scale up our platform to acquire additional yield accretive student accommodations in the UK, grow our AUM and extend our track record.”
Green Wood Court has achieved a 100 per cent occupancy rate for the academic year 2022/2023. Following a refurbishment in 2018 there is further opportunity for asset enhancement initiatives and to add new studios at the site.
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